Lamensdorf said that the company had "played with some depreciation" and was "playing a lot of games."

"We felt that this is the type of name – again, if there's weakness in the economy – this thing really gets whacked 25, 40 percent," he said.

Lamensdorf said that all of the ETF's holdings were there on a fundamental basis.

"Everything that we have in the book, we have fundamentally vetted out," he said.

Trader disclosure: On Jan. 2, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long GDX; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long WMT; Tim Seymour is long SBUX; Brian Kelly is long QQQ PUTS.